Paul Ryan discusses Milton Friedman

Ryan on Recent Economic News, Milton Friedman and Freedom

Published on Jul 30, 2012 by

Paul Ryan: What Would Milton Friedman Say About Dismal Economic News?

On the 100th anniversary of the birth of economist Milton Friedman, United States Congressman Paul Ryan reflects on the state of the US Economy and offers his take on what Friedman would say about the public policy prescriptions emanating from the current Administration in Washington, D.C

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Milton Friedman also wanted to see the Balanced Budget Amendment tied to a percentage of GDP and then passed by Congress.

Posted on: November 18th, 2011

By Chairman Rob Gleason

I have given a tremendous amount of thought to the idea of a federal balanced budget amendment. I considered this issue not only as the Chairman of the Republican Party of Pennsylvania but as a father, as a business owner and as an American. I kept coming back to one main prevailing thought which is that if America doesn’t start living within its means and soon, our country will lose the economic fabric that has made our country great. The American dream will be gone. It is a scary thought and one that should provoke thorough debate as our county continues to spiral down the path of fiscal insolvency.

Our country spends more than we take in and the bottom-line is, as a country, we have a spending problem. Our addiction to government spending has led to a downgrade of everyone’s credit rating, because America’s credit rating is our credit rating as well. The downgrade has a direct impact on the loss of global economic power that forces all of us to pay more. Our addiction to big government spending has cost us jobs especially when you consider costly regulations that do more harm than good. Although we hear Democrats call for more government spending as a means to create more jobs, it has not worked and Americans should not be fooled again.

As Pennsylvania’s families weigh spending decisions every day, they know they must have a balanced family budget. If our families ran their households the way that the Federal government runs their budget, the effects would be clear. Their bills wouldn’t have been paid. Their house would be foreclosed. Their car would be repossessed. They would be out on the street.

Pennsylvania businesses must also weigh spending decisions every day. They must meet payroll. They must pay their taxes. They must deliver a quality product if they want return business. If they don’t, payroll is missed. Jobs are lost. Their company goes under.

As a country, we can’t stand in the way of real fiscal reform. The dream of a safe and healthy retirement seems to be farther away for everyone. Without a balanced budget amendment, families across America could see losses in everything they have worked so hard to build, from retirement savings to home values to their own job and maybe even to the safety and security of their own family.

A balanced budget amendment is a guarantee that forces government to make the tough decisions now rather than lay mountains of debt on future generations.  I hope you consider this issue no matter what party affiliation you may be. As Americans, Pennsylvanians, fathers and mothers, we owe it to current and future generations to live within our means and keep the American dream alive.

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